UPRO vs. DFEN

Last updated Jun 9, 2026

UPRO (ProShares UltraPro S&P 500) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both Leveraged Equities funds - UPRO tracks the S&P 500 while DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300%). Both are passively managed. Over the past 5 years, UPRO returned 21.71%/yr vs 27.43%/yr for DFEN. A 0.65 correlation means they provide meaningful diversification when combined. UPRO charges 0.89%/yr vs 0.99%/yr for DFEN.

Performance

UPRO vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPRO achieves a 19.97% return, which is significantly higher than DFEN's 4.76% return.

UPRO

• 1D: 0.76%
• 1M: -0.47%
• YTD: 19.97%
• 6M: 19.09%
• 1Y: 67.51%
• 3Y*: 48.82%
• 5Y*: 21.71%
• 10Y*: 29.32%

DFEN

• 1D: -2.96%
• 1M: 2.78%
• YTD: 4.76%
• 6M: 19.83%
• 1Y: 57.44%
• 3Y*: 61.07%
• 5Y*: 27.43%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UPRO vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPRO ProShares UltraPro S&P 500	19.97%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	41.37%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	4.76%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%

Correlation

The correlation between UPRO and DFEN is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since May 4, 2017	0.65

The correlation between UPRO and DFEN shifts across timeframes, from 0.52 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

UPRO vs. DFEN - Sectors Allocation Comparison

Sectors	UPRO	DFEN
Financial Services	28.8%	-
Technology	17.8%	0.0%
Communication Services	4.8%	-
Consumer Cyclical	4.5%	-
Healthcare	3.8%	-
Industrials	3.4%	19.7%
Consumer Defensive	2.0%	-
Energy	1.4%	-
Utilities	1.1%	-
Real Estate	0.8%	-
Basic Materials	0.8%	-

Return for Risk

UPRO vs. DFEN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UPRO

UPRO Risk / Return Rank: 58
UPRO Sharpe Ratio Rank: 62
UPRO Sortino Ratio Rank: 53
UPRO Omega Ratio Rank: 55
UPRO Calmar Ratio Rank: 56
UPRO Martin Ratio Rank: 64

DFEN

DFEN Risk / Return Rank: 29
DFEN Sharpe Ratio Rank: 27
DFEN Sortino Ratio Rank: 32
DFEN Omega Ratio Rank: 29
DFEN Calmar Ratio Rank: 31
DFEN Martin Ratio Rank: 26

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UPRO vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	UPRO	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	1.88	0.90	+0.98
Sortino ratio: Return per unit of downside risk	2.33	1.56	+0.77
Omega ratio: Gain probability vs. loss probability	1.31	1.18	+0.13
Calmar ratio: Return relative to maximum drawdown	2.53	1.38	+1.15
Martin ratio: Return relative to average drawdown	10.62	3.26	+7.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPRO vs. DFEN - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.88, which is higher than the DFEN Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of UPRO and DFEN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UPRO	DFEN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	0.90	+0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.46	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.22	+0.43

Drawdowns

UPRO vs. DFEN - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for UPRO and DFEN.

Drawdown Indicators

	UPRO	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-91.36%	+14.54%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-41.75%	+14.97%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-43.13%	-5.74%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-55.30%	-8.64%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	—	—
Current Drawdown Current decline from peak	-8.15%	-31.35%	+23.20%
Average Drawdown Average peak-to-trough decline	-14.41%	-45.25%	+30.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.38%	17.66%	-11.28%

Volatility

UPRO vs. DFEN - Volatility Comparison

The current volatility for ProShares UltraPro S&P 500 (UPRO) is 11.40%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 21.71%. This indicates that UPRO experiences smaller price fluctuations and is considered to be less risky than DFEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.40%	21.71%	-10.31%
Volatility (6M) Calculated over the trailing 6-month period	27.91%	53.65%	-25.74%
Volatility (1Y) Calculated over the trailing 1-year period	36.18%	64.00%	-27.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.44%	60.30%	-9.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.81%	71.51%	-17.70%

UPRO vs. DFEN - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is lower than DFEN's 0.99% expense ratio.

Dividends

UPRO vs. DFEN - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.73%, less than DFEN's 8.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	8.52%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%	0.00%	0.00%
UPRO ProShares UltraPro S&P 500	0.73%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Frequently Asked Questions

Can I hold both UPRO and DFEN in my portfolio?

UPRO and DFEN have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPRO or DFEN?

DFEN has higher volatility (21.71%) compared to UPRO (11.40%). In terms of maximum drawdown, UPRO dropped -76.82% vs DFEN's -91.36%.

Which ETF is better, UPRO or DFEN?

On 5-year performance, DFEN leads with 27.43% vs 21.71% for UPRO. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 11.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or DFEN?

Over the 5-year period, DFEN has performed better with a 27.43% return vs 21.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or DFEN?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.99% for DFEN.

Which ETF pays a higher dividend yield, UPRO or DFEN?

DFEN has the higher dividend yield at 8.52%, compared with 0.73% for UPRO.

What is the main difference between UPRO and DFEN?

UPRO tracks S&P 500, while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.89% for UPRO and 0.99% for DFEN.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.88 vs 0.90), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.